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bothisellhigher (51.64)

One More Time

Recs

8

November 04, 2009 – Comments (6) | RELATED TICKERS: SPX , FAZ

We're getting one more chance to get out of our long positions at a decent price.  This rally is taking prices back up and will probably end where the last one did-at the broken support area of S&P 1060-1070...(broken supports become solid resistance areas)...Should it do so, and I think that scenario is highly likely, we would then have a double top (at 1066ish)...and that's it folks. 

The train then heads down, 1st stop...1025...with rest stops at 1000 and 980...and then a get out and stretch your legs stop at 880...if 880 doesn't hold then its on to 680.  So you see folks, there's a long way to go...down. 

I bought FAZ...My skin is in the game.  How about you?

6 Comments – Post Your Own

#1) On November 04, 2009 at 11:19 AM, binve (28.36) wrote:

Good call! My counts agree with your scenario nicely. Yep, we are getting one last decent unloading spot here (or a nice loading spot for shorts).

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#2) On November 04, 2009 at 12:10 PM, bothisellhigher (51.64) wrote:

Binve...your opinion is quite valuable to me and I thank you for your comment, and needless to say, relieved by your counts.

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#3) On November 04, 2009 at 1:18 PM, XtremeNeoCon (50.86) wrote:

I'm not wise in the ways of EW, but I just don't see any justification for another upward thrust. I believe the tables have turned, at least for now.

I don't have much nerve when it comes to shorting, but I did put a few bucks on the table with TZA @ $13.90 I didn't bet much, just a stake.

Its money I can afford to lose in case Binve is WRONG. Hey, I'll gladly take credit if WE'RE right. But if the market takes off on another 50% rocket trip to wonderland, its all binve's fault and I'll deny ever saying we were headed down. I'll just take a bite if that turd sandwich and chew it with a smile on my face. 

Just poking at you with a sharp stick binve. I love your opinion and research. Thanks for putting in the time for us.

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#4) On November 05, 2009 at 7:15 PM, bothisellhigher (51.64) wrote:

Check out the closing of S&P today...1066!...It's official...double top...hang on to your hats!

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#5) On November 07, 2009 at 5:31 PM, bothisellhigher (51.64) wrote:

Nov 6...still 1066...Would William of Orange be proud or what!

Given the beginning of trading, I for one thought the rout was on...but the bulls refused to budge (much) and indeed, looked tough as hell in the end...shorts closing cause they don't want to be short over the weekend?  Lot of talk.  My Faz has cost me 10% (ouch) so far...not really to lose more than 15%...Monday is crucial...

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#6) On November 09, 2009 at 11:09 AM, bothisellhigher (51.64) wrote:

Who whacked me with the 2x4 allready?  FAZ got stopped out while I was still sleeping...If 1070 can't hold...and at the current 1083 (S&P) it doesn't look like it will then the probability shifts to 1100...being a trader and wanting to play...I went long HL with the idea that there will be a run toward 1100.

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